The abandoned Kaikohe Hotel has been bought by the Ngapuhi runanga, which plans to demolish the building while it comes up with a plan for the prime Broadway site.
The sprawling hotel had a glorious past - the Queen is said to have stayed there on her first visit to New Zealand - but has since fallen into disrepair. It was declared a dangerous building earlier this year and its owners, the ANZ Bank and Cameron Enterprises, were ordered to demolish it or make it secure by July 15.
Much of the interior was stripped by the last publican, Neal Summers, who now owns a pub in Picton.
The land and buildings have now been bought by Te Runanga-a-iwi o Ngapuhi for $287,000.
Chief executive George Riley said the runanga did not have a commercial plan for the 1.2ha site as yet, but it was a chance to own a significant piece of main road real estate. It was also an opportunity to improve the town's appearance.